Swiggy shares rise 8% as stock extends gains for a third straight session
Key Takeaways
- •Swiggy shares gained 8% on Tuesday and have risen 15% over the past three trading days.
- •Swiggy appointed Nandita Sinha, the former chief executive of Myntra, to head its Instamart business.
- •The appointment places an experienced retail and e-commerce executive in charge of one of Swiggy’s key growth areas.
- •Reports said Zepto is negotiating IPO pricing at a lower valuation and may postpone its listing if valuation targets are not achieved.
Swiggy shares climbed sharply on Tuesday, extending their gains for a third consecutive session and rising 8%. Over the past three trading days, the stock has advanced 15%.
The move came as the company appointed Nandita Sinha, former Myntra chief executive, to lead Swiggy's Instamart business. The appointment comes at a time of intense competition in India's quick commerce sector, where companies are competing on scale, speed and execution in a fast-moving market that is still drawing investor attention.
The latest gains also coincided with reports that Zepto is negotiating its IPO pricing at a lower valuation. According to reports, the company may defer its listing if valuation targets are not met, adding another data point to a sector already under close watch for how private-market valuations translate into public-market plans.
Swiggy appoints new Instamart CEO
Nandita Sinha, who previously served as CEO of Myntra, now heads Swiggy's Instamart business. Her appointment places an experienced retail and e-commerce executive in charge of one of Swiggy's key growth areas as the quick commerce segment remains central to broader industry competition.
Zepto likely takes a valuation cut
Reports said Zepto is in talks over IPO pricing at a lower valuation and could delay its listing if the expected valuation is not achieved.
